Notes 1-5
5 RESERVES
| Share premium account $m |
Capital redemption reserve $m |
Other reserves $m |
Profit and loss account $m |
2007 Total $m |
2006 Total $m |
|
|---|---|---|---|---|---|---|
| At beginning of year | 1,671 | 71 | 1,841 | 15,480 | 19,063 | 23,778 |
| Profit for the year | – | – | – | 9,407 | 9,407 | 652 |
| Dividends | – | – | – | (2,658) | (2,658) | (2,217) |
| Cash flow hedge in anticipation of debt issue | – | – | – | (21) | (21) | – |
| Share re-purchases | – | 20 | – | (4,170) | (4,150) | (4,129) |
| Share premiums | 217 | – | – | – | 217 | 979 |
| At end of year | 1,888 | 91 | 1,841 | 18,038 | 21,858 | 19,063 |
| Distributable reserves at end of year | – | – | 1,841 | 13,978 | 15,819 | 6,063 |
As permitted by section 230 of the Companies Act 1985, the Company has not presented its profit and loss account.
At 31 December 2007 $4,060m (31 December 2006 $11,129m) of the profit and loss account reserve was not available for distribution. The majority of this non-distributable amount relates to profit arising on the sale of Astra AB to a subsidiary in 1999, which becomes distributable as the underlying receivable is settled. During 2007, $7,069m (2006: $5,738m) of the profit was realised by repayment. Subsequent to the year end, a further $377m was repaid on 18 January 2008, resulting in additional distributable reserves not included in the figures above. Included in other reserves is a special reserve of $157m, arising on the redenomination of share capital in 1999.
